Cryptocurrency trading is booming in China, and the rest of the world is following suit. Bitcoin is the top cryptocurrency in just about every country. But the competition between Litecoin and Ethereum is still in full effect for CNY traders,  whereas things look very different in the USD market.

CNY Traders Prefer Litecoin

TheMerkle_Litecoin CNY Ether

It comes as quite a surprise to find out exchanges dealing with CNY are seeing more trading volume in Litecoin than Ethereum as of late. Given the global appeal Ethereum seems to have, and the growing interest from all over the world, the trading volume in CNY markets does not seem to reflect that by any means.

Looking at the previous 24-hour volume, for example, shows that nearly three billion CNY has been changing hands to buy and sell Litecoin. Ethereum, on the other hand, has only seen 1.8 million CNY change hands, which is only a blip on the radar in comparison. In fact, only 20,804 Ether has been traded across exchanges supporting the yuan, which is quite a surprise.

Comparing this to the USD markets, Bitcoin and Ethereum are the clear leaders, with Litecoin still in the third spot. But Ethereum seems to be losing a lot of momentum in this market as well, with slightly over US$1m traded in volume over the past 24 hours. This is a lot less than most people would expect, albeit the majority of Ethereum volume is coming from the BTC market.

It is quite interesting to see Litecoin holding on to the second spot as far as CNY trading is concerned, though. Given the fact LTC was the second “major” cryptocurrency for a long time, that only seems normal. But at the same time, the cryptocurrency has seen no real innovation or adoption spike over the past few years.

The big question is what CNY traders are doing with Litecoin, other than speculating about the price. So far, it does not appear as if investors are using LTC to buy goods or services, but only as a way to speculate on the value of the cryptocurrency. Either way, it is rather interesting to note, and a sign that Litecoin is far from dead.

Source: CryptoCompare

Images credit 1,2

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  1. Ethereum is a joke to china, they see its the west trying to control a new crypto because they lost their ability to control bitcoin. Litecoin is most valuable too because its chinas own coin. Charlie Lee should be proud of LTC, even though hes gone down a little working with Coinbase & brians failed attempt with BitcoinClassic. A litecoin Roadmap is coming which lays out plans to upgrade ltc, it will be more functional than eth and bitcoin combined. So there is development happening right now.

    • China is just behind. No one anywhere else seriously sees Litecoin as anything more than currency.

      Ethereum is a world computing platform which heavy investment from Microsoft.

      • Have you ever visited china? They’re way in front with digital currency, i can transfer money from accounts to btc almost immediately. If you think litecoin is only going to be a currency then you’re over 8 months behind in news, major things are happening, china knows this hence the mammoth volume we’re seeing, mentioned by merkle. Microsoft has also partnered with syscoin, coinprism amongst many many others. Ethereum is good but shortly there will be 20 blockchains all doing the same thing, i recommend people buy some eth, just not many.

        • Outside of Crypto or China, no one is talking about Litecoin.

          I work at Microsoft. No one talked about syscoin, coinprisim but people ARE building DAPPS based on Ethereum.

          These arent “crypto” developers. These are normal developers who see Ethereum as something new and innovative.

          Because its a computing platform. Not a just an “alt coin”.

          • You dont seem to be aware at all of whats happening with litecoin, the volume is massive and you think its for no reason? Instead you’ve come in here claiming china is behind the times when they own and run the biggest mining pools and have more infrastructure than here in america. Its actually ridiculous what you’re saying, instead you’re shilling a new altcoin. China which you will soon learn doesnt care about your shills, you would know that if you actually ever visited.

          • China runs the biggest mining pools for a coin BTC (which post halving may only be worth half of what it is worth as miners shut off mining gear like KNC already did).

            They aren’t profitable. CEO of KNC Mining said so. I’d sooner believe him than you.

            And yes, I’ve been to China. I’m FROM China. On some things Chinese people are ahead on others there is a sort of myopia based on digging in their heels on something (sound familiar)? It should.

            China likes Litecoin because it was invented by someone from China.

            Story. End of.

          • If thats the only reason you are aware of then again you have no idea whats coming for litecoin.
            You could do a little research, but ill let you live in etherland.

          • Hahaha and here a year later ETH price exploded 30 fold while LTC performend just as good as in 2013.

      • so far we don’t care about the tech just money
        so YES LTC is the new crypto that will go higher than BTC
        And yes with need it

    • it’s not even that!
      Despite bitcoin taking the lead and being famous.
      it would be crippled, in fact it is crippling now!
      because mining is getting harder for bitcoin!
      people mining, wasting electricity are only getting results of 0.0000001BTC!

      but with Litecoin which is new, people would want something fresh and NOT over saturated like bitcoin!

      etherum is crap! too complex!
      Same goes to Ripple!

      only Litecoin is easy to use, soon DASH, Dodgecoin will follow suit!

  2. that is because people are investing in Litecoin!
    they are buying as many Litecoin as possible, also using it to invest and buy other CC’s.

    just wait till the price of Litecoin goes up!!!

  3. It’s about time this was pointed out in an article. Nice job. It appears to me that interest in Ethereum is very much based in the USA and the west while in China they understand that Bitcoin is already functional (to move their wealth out of the Yuan) so they have no need to play with Ether. They keep it simple and stick with Litecoin for speculating and every once in a while for Ponzi schemes (July 2015 for example). Whatever the reasons it is pretty clear that the top 3 cryptos worldwide are now set for a while. Bitcoin is fueled by worldwide interest that is close to going mainstream, then comes Ether with its western and corporate interests, and finally at #3 is Litecoin fueled by China.

  4. What the hell ? The main reason eth is down in China 🇨🇳 it s coz Vitalik will go POS instead of POW 💥 and ETC went up supported by Chinese huge POW mining farm it is that simple …Then anyone who follow crypto knows that Charlie Lee he is genius crypto computer virtuoso and a supreme being kind and full of humour and he s brother Bobby Lee he is Btcc trade plateform of bitcoin wallets and mint bitcoin and that the Segwit implantation is a major event in the crypto universe what ever we may think of it …then all the infrastructure of bitcoin is litecoin friendly it was built 4 that from the begginig so be aware lite always have and always be a sleeping Dragon 🐉 now the Dragon wake s up like anyone should and Dragon will spread the wings and begging to fly … p.s saying eth is a joke is completely irrelevant and irresponsible 🤺🌜🌈🌛💫💥🌔

  5. Litecoin is the only other top altcoin with a cap (of 84 Million units).
    The Chinese are smart, and can see that the other Alt currencies (Etherium, Ripple, etc) are ultimately inflationary.
    Litecoin and Bitcoin are a good store of value even if they don’t have all the flashy tricks (smart contracts, corporate backing, etc).
    Without a cap on total units produced what’s the point?


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